Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Equitable Trust Co.

Equitable Trust Co. reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,035 shares of the semiconductor company’s stock after selling 946 shares during the quarter. Equitable Trust Co.’s holdings in Marvell Technology were worth $1,229,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter valued at about $32,000. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology in the first quarter valued at about $35,000. Whittier Trust Co. lifted its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Bank of America upped their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Benchmark increased their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Finally, Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

NASDAQ MRVL opened at $93.80 on Friday. The business has a 50 day simple moving average of $76.88 and a 200 day simple moving average of $71.92. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock has a market cap of $83.13 billion, a price-to-earnings ratio of -84.50, a PEG ratio of 3.94 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business earned $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. Analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock valued at $20,330,835 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.